Midday stock movers: General Motors, GE Aerospace, First Solar
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The stock market is trading lower midday.
The S&P 500 lost 0.25% and the tech-heavy Nasdaq Composite dropped 0.21%. The Dow Jones Industrial Average traded just below flat, down 0.04%. The Russell 2000 Index fell 0.47%.
S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves are:
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General Motors (GM) +9.2%
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Philip Morris International (PM) +7.9%
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Quest Diagnostics (DGX) +7.1%
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Norfolk Southern (NSC) +4.4%
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Charter Communications (CHTR) 3.3%
The worst-performing five S&P 500 stocks with the largest midday drop are:
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Genuine Parts (GPC) -19.9%
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Paccar (PCAR) -8.7%
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GE Aerospace (GE) -7.7%
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Walgreens Boots Alliance (WBA) -7.4%
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Nucor (NUE) -7.3%
Stocks also worth noting include:
Richard Baker/Getty Images
GE Aerospace plunges after revenue miss
GE Aerospace stock fell 8% after missing on revenue in the third quarter.
The defense company reported adjusted earnings per share of $1.15, which only beat consensus estimates by 1 cent. Revenue of $8.94 billion missed analysts’ estimates of $9.05 billion.
Related: AI's surge is sparking demand for an unexpected GE Vernova product
The company raised its full-year profit forecast for the third time in seven months, now expecting adjusted earnings of $4.20 to $4.35 per share for 2024, up from its previous estimate of $3.95 to $4.20 per share.
“The GE Aerospace team delivered strong results, with demand driving orders up 28%. We grew earnings 25% and produced substantial free cash flow, both largely driven by services.” GE Aerospace CEO Larry Culp said. “Given the strength of our results and 4Q expectations, we're raising our earnings and cash guidance for the year.”
GE Aerospace is a manufacturer of jet engines for commercial and military aircraft. It became an independent company in April 2024 after spinning off from GE.
General Motors surges on earnings beat
General Motors jumped 7% and topped the S&P 500 after the automaker posted Q3 results that beat analyst expectations.
The company reported adjusted earnings of $2.96 per share on revenue of $48.76 billion, surpassing analysts' expectations of $2.43 per share on $44.59 billion.
Related: Analyst shifts General Motors stock price target on earnings data
GM also raised its full-year outlook. It now expects adjusted earnings of $10 to $10.50 per share, an increase from the previous estimate of $9.50 to $10.50 per share.